Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during august, the factory worked only 600 direct

During August, the factory worked only 600 direct labor-hours and produced 1,800 sets of covers....

80.2K

Verified Solution

Question

Accounting

image

During August, the factory worked only 600 direct labor-hours and produced 1,800 sets of covers. The following actual costs were recorded during the month: Direct materials (5,000 yards) Direct labor Variable manufacturing overhead Total $ 34,200 $ 6,660 $ 4,140 Per Set of Covers $19.00 3.70 2.30 $25.00 At standard, each set of covers should require 2.5 yards of material. All of the materials purchased during the month were used in production. Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) 1. Materials price variance Materials quantity variance 2. Labor rate variance Labor efficiency variance 3. Variable overhead rate variance Variable overhead efficiency variance

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

1a. Many uridine molecules are inserted into some mitochondrial mRNAs in trypanosomes.  The uridine residues come from the...

Medical Sciences
1.2K views

1. List the stages of development that occur (in order) from ovulation to implantation 2. What is...

Medical Sciences
1.2K views

Trace blood flow from the Inferior Mesenteric Vein to the Brain.

Basic Math
1.2K views

18 What would you have to do to change 10 cubic feet into cubic inches...

Calculus
1.2K views

e6x 5x e OA 0 924 OB 0 636 OC 0 778 O D 2...

Accounting
1.2K views

Small Company, a producer of auto components, has the following information: Income tax rate 20%...

Accounting
1.2K views

Eond Premium, Entries for Bonds Payable Transactions Rodgers Corporation produces and sells football equipment. On...

Accounting
1.2K views

f $9,600 cash and a $31,000 note payable are given in exchange for some office...

Accounting
1.2K views

(fraud examination) John Doe, a fraud examiner, has been hired by ABC Corporation to investigate...

Accounting
1.2K views

Arnold Company/s December 31 year end financial statements contained the following errors A three year...

Finance
1.2K views

If a contract omitted some terms, which of the following terms could be implied by...

Finance
1.2K views

Weighted average cost of capital American Explocation, Inc., a natural gas producer, is tying to...